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By Karyn Twaronite, EY Global Diversity & Inclusiveness Officer

Millennials. Gen Y. Names for this generation may vary, but its impact is clear: Gen Y has entered the workforce and is rapidly rising toward leadership.

Today, we are managing a truly multigenerational workforce comprising not only Gen Y, but Gen X and baby boomers too. As three generations converge, a unique workplace dynamic has emerged.

To help quantify these management shifts and provide context for managing the workplace generational mix, EY surveyed more than 1,200 US cross-company professionals with a close eye on millennial managers. Here’s what we found.

Bullish on Gen Y

Gen Y (ages 18 to 32 in our study, with Gen X defined as ages 33 to 48 and baby boomers ages 49 to 67) is expected to account for more than one-third of the US workforce this year. At EY, we’re tracking ahead of the trend in the Americas.

59% of EY managers are Gen Y, as are 18% of our senior managers.

We’ve even seen the first millennials elected to the EY partnership.

This proves that management is no longer a destination they hope to reach “someday.” They’ve arrived. And they are standing side by side with Gen X.

EY is not alone in experiencing a management evolution. Our study found that:

About 90% of Gen Y managers surveyed took on their role within the past five years.

However, 70% of respondents believe Gen X professionals are best-equipped for management roles.

Gen X thrives in a “sweet spot” by being not only experienced, but also tech savvy.

We remain bullish about Gen Y’s potential and believe organizations must give millennials equitable opportunities to gain real experience, mentors and sponsors to be most effective.

Everyone loves (flexible) perks

To optimize the generational mix, businesses must understand which workplace perks each generation truly values.

Cash was a top priority across all generations and specifically for nearly half of respondents (49%), and benefits like health care and retirement packages ranked first with 22% of respondents.

Flexibility was cited as the most important non-cash/benefits perk (18%):

Women (20%) value flexibility more than men (16%), but men are more likely to walk away from a job if flexibility was not offered (34% men vs. 30% women).

Gen X rated flexibility as the most important perk (21%) over top-notch benefits (19%) and would be most likely to walk away from their job in the absence of day-to-day flexibility (38%).

Comparatively, 33% of Gen Y and 25% of boomers would walk away from their job in this case.

The findings demonstrate that flexibility is a motivator for all, not just an accommodation for some.

Perceptions, rebuffed

The EY study also debunks allegations of “ambition gaps” among women and millennials:

Women (8%) and men (7%) nearly equally valued promotions across all generations.

This data reinforces the notion that Gen Y is eager for organizations to provide opportunities and paths for growth.

As the economy recovers, opportunity beckons, making this an exciting time to be entering the global workforce for up-and-coming professionals. I don’t know what the next generation will bring with it, but I’m confident its entry will continue this shift toward workplace equality, flexibility and great thinking all around.

Tell me: How is your company benefiting from a multigenerational workforce? What differences and similarities have you observed?